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Why 64% of Farm Transitions are Failing
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“But if you actually want your farm to successfully transition and you care about your children and the quality of life they are going to have and the opportunities they are going to have after you are gone, it is your responsibility to understand how that transition will actually play out.”
In this episode, I wanted to talk about a topic that is very important but one that isn’t talked about as much as it should be, transition planning. Before purchasing our family farm, I hadn’t put much consideration into planning for our farm transition after my husband and I are gone. After hearing Dr. Ferrell, a professor at OSU, speak about farm transitions, the importance of planning, and why 64% of farm transitions are failing, it made me put more consideration into our own transition in the future. I learned such valuable information and I really wanted to share that with all of you.
At a glance:
- Planning financially for transition.
- Plan for success by understanding how the transition will play out.
- It’s never too early to start planning for transition, just update the plan as needed.
- Dr. Ferrell’s 5-step plan.
Resources: Oklahoma State Farm Transitions and Kansitions with Kansas State University.
You may also enjoy…#21 Systems for Managing Life & Work on the Farm with Natalie Egger
#43 Returning to & Growing on the Ranch with Kristin Harms
#44 Our Farm Transition Story Part 1
About the Host of Farming On Purpose, Lexi Wright:
I’m your host, Lexi Wright. I started the Farming on Purpose Podcast from a passion for sharing the future of production agriculture.
I’m so glad you’re here and I hope you’ll take a moment to join the conversation with me and other listeners on social media.
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